EPF or Employees’ Provident Fund is a savings fund that gets accumulated during the employment tenure of an employee. EPFO or the Employee Provident Fund Organization is the regulatory authority for EPF
Whether a business is small or large, employers should register their establishments with EPFO. The employer should register their company and send an OTP to the registered mobile number. This way, members can transfer their claims from one employer to another. The employer must check the details of every employee to make sure they are eligible for PF. This is an essential step to enact PF for small and medium enterprises. A properly registered organization will be able to make withdrawals at any time.
Once the employer has registered the company, it is important to submit a Proforma for Coverage. The Proforma for Coverage must contain the necessary information and be submitted to the Central Provident Fund Commissioner. This process takes about two hours. When the application is approved, the employer must be able to send a copy of the completed form to the Central Provident Fund. After a few days, the provider must receive the requisite documents.
Depending on the type of company, the number of employees will determine the amount of money that can be transferred. If the number of employees is less than 20, the employer is exempted from the registration. However, larger employers are subject to several formalities and conditions. Aside from this, the applicant must be in the same state as their previous employer.
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Yes, the member can contribute beyond the wage ceiling limit of Rs. 15,000. The total contribution i.e., voluntary + mandatory can be up to Rs. 15,000 per month. The member can also contribute on higher wages i.e., greater than Rs. 15,000 but only up to a maximum limit of 100% of the PF wages, provided they get permission from the APFC/RPFC as per the provisions of para-26(6) of the scheme. The employer may restrict his/her own share to the statutory rate.
No. An employee can become the member of the Employees’ Pension Scheme only by virtue of the EPF membership.
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